Unconventional Resource Assessment and Valuation

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Disciplines: Completions | Data Science and Engineering Analytics | Drilling | Management | Production and Operations | Projects, Facilities, and Construction | Reservoir

Course Description

Full description (pdf)

This course is focused on effective business decision making in Unconventional Reservoirs. In a realm where we are constantly dealing with limited data, it is critical that we develop the necessary skill sets required to deal with these so called statistical plays. The course covers the assessment and valuation methods required for the characterization of resource plays from the selection of “sweet spots” to the forecasting of Proved reserves and PUDs using SPEE Monograph 3 & 4 methods. The premise for this course is that sound estimation of key engineering, geotechnical, and economic parameters is essential for maximizing profitability. Due to uncertainty and prevailing risks, unconventional resource characterization requires a staged, probabilistic approach conducive to more-informed decision making. 

Topics: 

• Dealing with limited data sets. It’s not that the information is imperfect, it’s that we are dealing with an imperfect representation of an unknown population. Rather than call it perfect or imperfect, the participant will learn how to quantify the uncertainty in terms of confidence levels relative to the number of well samples and the variance in the mean given the sample size. This knowledge is critical to making educated decisions on: pilot well counts, well spacing and testing of new technologies.  
• Developing Probabilistic Production Type Well curves and how to aggregate them to the Project level. Sound knowledge of aggregation is required for the proper economic evaluation of resource plays.
• Decision tree concepts, incorporating value of information techniques.
• How do I know if my Production Type Well Curve is still representative? The use of Sequential Accumulation plots to validate that your predictions are still within statistical control. This can be applied to drill or completion costs, cycle time estimates, as well as your production forecasts. 

Learning Level

Intermediate

Course Length

4-5 Days

Why Attend

The course provides an assessment process for selecting the unconventional resource plays that best meet your company’s goals. You will learn characterization and valuation of the plays, and the importance of assessing reserves at a project and type well level. You will also learn how to make predictions based on limited data sets and which reservoir engineering fundamentals shape assessment of well spacing.

Who Attends

This course is intended for engineers, commercial team members, business analysts, geoscientists and managers charged with creating value. Unlike traditional deterministic methods which call for the ongoing study of key parameters to get ever closer to “The Answer,” probabilistic methods recognize that most parameters are fraught with uncertainty.

CEUs

4.0 CEUs (Continuing Education Units) are awarded for this 5-day course.

Additional Resources

This course has a supplemental book located in our SPE Bookstore entitled Unconventional Gas and Tight Oil Exploitation. Please check out this valuable resource!

Cancellation Policy

All cancellations must be received no later than 14 days prior to the course start date. Cancellations made after the 14-day window will not be refunded. Refunds will not be given due to no show situations.

Training sessions attached to SPE conferences and workshops follow the cancellation policies stated on the event information page. Please check that page for specific cancellation information.

SPE reserves the right to cancel or re-schedule courses at will. Notification of changes will be made as quickly as possible; please keep this in mind when arranging travel, as SPE is not responsible for any fees charged for cancelling or changing travel arrangements.

We reserve the right to substitute course instructors as necessary.

Instructors

Other courses by these instructors